The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-05-01

close within the same period, or his
claim will be void
II the mortgage obtains possession
aiter the time at which the debt is due,
the estate is his, subject only to the
equity of redemption. When the debt
becomes due, he may apply to a court
OF chancery for a strict foreclosure.
Inc plaintiff alleges a mortgage for an
unpaid debt, and asks that the defend
uanI De required to pay the same by q
CERTAIN Time or surrender the estate.
Inc defendant is then summoned. If
the court finds the alleged mortgage a
TACT, 1t Will decree that the defendant
pay the,debt within sixty days. In de-
tault or payment, the mortgage will be
IorecloSed, and decree, cutting off the
rlgnt OF redemption, will be given.
d IKE proceeding is made in fore
closure sale. The amount of the debt
IS sSceTtalned. and the court DEGREES a
sale. This sale is made and it Is re-
ported to the court. If the sale is ad-
judged to be a proper one. a decree
confirming 1t is made, and an order
given to an officer to give the purchaser
deed to the property. Then the
moftsagor must Vacate, or a writ of
assistance will be given to the pur-
thaser, by which an officer assists him
ID compelling the mortgagor to remove
from the property.
Pending all order of foreclosure, the
mortgage may, if he desires, get a writ
OF injunction against the mortgagor,
forblddlng the commission of acts of
waste or removal of any of the pro-
perty. A receiver is oftens appointed
oy the court to take charge of the
property, and to keep it safely until
the settlement of the foreclosure suit.
ne ylelds up the property and the
pfoHes IN court, which turns them over
TO the party entitled 10 them.
Suppose mortgage to be made to Sc.
cure the redemption of four notes, one
maturing each year, and the notes are
SOLD TO other parties. When, In one
year, the hrst note becomes due, the
mortgage may De foreclosed and the
estate sold to redeem this note. The
sale may not realize enough TO dis
charge all the notes. In some States
these are treated as successive mort
cages, and each is paid in full in its
order o. maturity: but in most of the
States these are considered equal, and
the proceeds of the property are applied
Ia proportion on each note or Install
ment.
If several mortgages are given on the
same property at different times, they
are satisfied in the order If their dates,
the first being redeemed b fore any
thing Is paid on the second, aud so on,
When mortgage is made, and the
propert7 afterwards sold in parcels at
different times, and the holder of the
mortgage Institutes a suit of foreclos-
ure, the part retained by the mort
gagor is first sold. If the mortgage is
still unsatisfied, then the part last dis
posed OF by the mortgagOr is sold, and
the others, If necessary, in the inverse
order OF their alienation by the owner.
a pledge OF personal property is a
delivery to creditor as security for a
debt. The delivery is actual, but unless
the time is fixed i'll the contract, the
owner or his heirs may redeem it at any
time. 1t is usually specified that the
holder may sell; this sale would be
valid.
"A chatteI mortgage is conveyance of
the property and title TO the MORTGAGE.
1t is subject to redemption at the time
the debt becomes due: and if the debt
is not then paid, the property IS at once
forfeited, subject only to the equity of
redemption. This is the general rule.
In Utah a chattel mortgage is fore
closed like an ordinary one. as it creates
merely lien on the property; only one
action can be brought, and that is, to
toreclose. The statute of limitations Is
here four years, and within this time
the mortgage must bring suit to fore
close or his claim will be void.
No sale or mortgage of personal
property unless accompanied by q
change of possession, will operate
against subsequent, creditors, except
that of Q chaEtei mortgage in writing.
This will be sufficient for one year as
against subsequent creditors, il it has
been recorded.